1 佳沃食品股份有限公司 证券代码：300268 证券简称：佳沃食品 公告编号：2022-061 佳沃食品股份有限公司 关于参加湖南辖区上市公司2022年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步增强与广大投资者的互动交流，佳沃食品股份有限公司（以下简称 "公司"）将参加由中国证券监督管理委员会湖南监管局、湖南省上市公司协会 与深圳市全景网络有限公司联合举办的"湖南辖区上市公司2022年投资者网上 集体接待日"活动，现将有关事项公告如下： 本次投资者网上接待日活动将通过深圳市全景网络有限公司提供的互联网 平台举行，投资者可以登陆"全景·路演天下"网站（http://rs.p5w.net），参与 公司本次投资者网上接待日活动，活动时间为2022年9月29日（星期四） 15:30-17:00。 届时公司董事会秘书和证券事务代表将通过网络在线交流问答互动的形式， 与投资者进行沟通与交流。欢迎广大投资者积极参与。 特此公告。 佳沃食品股份有限公司 董 事 会 2022 年 9 月 22 日 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 2,386,251,443.63, representing a 7.14% increase compared to CNY 2,227,130,012.34 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached CNY 154,958,188.22, a significant turnaround from a loss of CNY 136,406,115.21, marking a 213.60% increase[20]. - The net profit after deducting non-recurring gains and losses was CNY 151,626,931.41, compared to a loss of CNY 154,618,001.74 in the previous year, reflecting a 198.07% improvement[20]. - The net cash flow from operating activities was CNY 255,483,550.00, up 5.65% from CNY 241,827,853.02 in the same period last year[20]. - Basic earnings per share increased to CNY 0.8895 from a loss of CNY 0.7830, representing a 213.60% growth[20]. - The total assets at the end of the reporting period were CNY 12,505,548,860.42, a 10.66% increase from CNY 11,300,420,797.67 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company rose to CNY 879,448,700.21, up 39.34% from CNY 631,173,109.33 at the end of the previous year[20]. - The weighted average return on net assets was 20.52%, a significant increase of 36.48% from -15.97% in the previous year[20]. - The gross profit margin for the core subsidiary Australis improved significantly to 19.9%, up from -1.02% in the previous year, contributing to a net profit of CNY 154,958,200 for the first half of 2022, a substantial increase of CNY 291,364,300 year-on-year[91]. - The company reported a significant decrease in operating costs, with a reduction of 11.42% in operating costs to CNY 1,978,842,931.23 compared to CNY 2,233,948,756.26 in the previous year[91]. Market Trends and Demand - The global seafood protein industry saw a record aquaculture production of 122.6 million tons in 2020, valued at USD 281.5 billion, with a projected 15% increase in total seafood consumption by 2030[30]. - Salmon supply is expected to remain tight, with a 6% year-on-year decrease in global Atlantic salmon supply in the first half of 2022, primarily due to reduced harvests in Norway and Chile[33]. - The demand for salmon is recovering, with a compound annual growth rate of 9% in total consumption value from 2012 to 2021, indicating strong market demand despite supply constraints[34]. - The average per capita consumption of seafood has increased from 9.9 kg in the 1960s to 20.2 kg in 2020, reflecting a growing demand for seafood products[30]. - The global seafood market is experiencing price recovery due to increased demand as pandemic restrictions ease, with retail channels seeing higher demand than before[31]. - The demand for salmon in the U.S. continues to grow, with retail channel demand remaining high and showing resilience even after the recovery of the food service channel[35]. - The average price of cod fillets is rising globally due to supply shortages and increased demand, compounded by rising costs in fishing, processing, and transportation[40]. Production and Supply Chain - The company has standardized production processes, ensuring traceability and stable quality, while actively developing diverse product lines to meet varying consumer demands in China and the U.S.[43]. - The company has a stable procurement advantage for high-quality seafood, including salmon, cod, and Arctic shrimp, ensuring a reliable supply chain[46]. - The company employs a modernized, closed-system farming model for salmon, ensuring high-quality fish through rigorous monitoring and quality control[52]. - The company has established strategic partnerships with multiple factories in South China and East China to enhance supply chain stability and product quality[63]. - The company has implemented advanced information systems for monitoring the entire salmon farming process, ensuring efficient feeding and disease control[78]. - The company has maintained stable production and supply, effectively mitigating risks from natural disasters and marine predators through strategic planning and management[81]. Sustainability and Environmental Practices - The company is committed to sustainable practices in salmon farming, which has a lower carbon footprint compared to other land-based animal farming[29]. - The company is committed to sustainable development, with salmon farming producing only 5.1 kg of CO2 equivalent per kg of salmon, compared to 39.0 kg for beef[79]. - The company has established a strict environmental management system and has not faced any major environmental issues during the reporting period[137]. - The company has implemented an emergency response plan for environmental incidents, which has been filed with local environmental authorities[138]. - The company is the first global salmon producer to use biodegradable packaging, certified by the FDA, which decomposes within 6 to 20 months[143]. Strategic Initiatives and Future Outlook - The company is actively expanding its market presence in China through new product development, brand operation, and sales channel enhancement[62]. - The company is investing 100 million RMB in R&D for new technologies related to sustainable seafood production[127]. - Market expansion efforts include entering three new international markets by the end of 2022, targeting a 5% increase in global market share[127]. - The company plans to enhance its digital marketing strategy, allocating 50 million RMB to increase brand awareness and customer engagement[127]. - Future outlook remains positive, with a commitment to sustainability and innovation as key drivers for growth in the coming years[127]. Corporate Governance and Compliance - The company emphasizes strict compliance with corporate governance laws and actively involves the board in management and overseas asset control[142]. - The company has established diverse communication channels for investors to ensure their rights and interests are protected[140]. - The company adheres to labor laws and has implemented a comprehensive employee training program to enhance staff skills[141]. Risks and Challenges - The company faces risks from raw material price fluctuations due to increasing scarcity of marine resources, which may adversely affect gross margin and net profit levels[118]. - The company is exposed to trade environment and exchange rate fluctuation risks, which could impact business operations and profitability[119]. - The management highlighted a focus on improving operational efficiency, aiming for a 5% reduction in production costs by Q4 2022[127].

Financial Performance - The company's revenue for Q1 2022 was CNY 1,223,196,377.86, representing a 6.16% increase compared to CNY 1,152,213,847.21 in the same period last year[3]. - Net profit attributable to shareholders was CNY 110,118,183.37, a significant turnaround from a net loss of CNY 156,251,327.86 in the previous year, marking a 170.48% increase[3]. - The net profit after deducting non-recurring gains and losses was CNY 104,661,970.14, compared to a loss of CNY 157,182,159.01 last year, reflecting a 166.59% improvement[3]. - The company achieved a revenue of 1,223.20 million RMB in the first quarter of 2022, representing a year-on-year growth of 6.16%[10]. - The net profit attributable to shareholders reached 110.12 million RMB, a significant increase of 170.48% year-on-year[10]. - Net profit for Q1 2022 was CNY 149,282,286.82, compared to a net loss of CNY 191,910,810.79 in the same period last year, indicating a significant turnaround[25]. - The company reported a net profit attributable to the parent company of CNY 104,259,117.53, compared to a loss of CNY 147,317,311.95 in the previous period[26]. - Total comprehensive income for the period was CNY 142,195,601.55, a recovery from a loss of CNY 180,858,323.52 in the previous period[26]. Assets and Liabilities - The company's total assets increased by 1.41% to CNY 11,459,782,810.30 from CNY 11,300,420,797.67 at the end of the previous year[3]. - Current liabilities rose to CNY 5,708,249,580.76 from CNY 5,263,070,335.07, an increase of about 8.5%[21]. - Long-term borrowings decreased to CNY 2,164,273,596.89 from CNY 2,597,529,747.56, a decline of approximately 16.7%[21]. - The company's total liabilities amounted to CNY 10,263,560,259.65, slightly up from CNY 10,251,840,809.58, indicating a stable leverage position[21]. - The equity attributable to shareholders of the parent company increased to CNY 740,879,187.87 from CNY 631,173,109.33, a growth of approximately 17.4%[22]. Cash Flow - The net cash flow from operating activities decreased by 15.75% to CNY 134,637,920.07 from CNY 159,799,976.99 in the previous year[3]. - Net cash flow from operating activities was CNY 134,637,920.07, down from CNY 159,799,976.99 in the previous period, indicating a decrease of about 15.73%[29]. - The net cash flow from financing activities was CNY 24,624,515.64, compared to a negative cash flow of CNY 354,352.52 in the previous period, showing a positive turnaround[29]. - The company experienced a net cash outflow from investing activities of CNY 141,780,033.63, worsening from a net outflow of CNY 113,389,749.94 in the previous period[29]. - Cash and cash equivalents at the end of the period totaled CNY 197,235,601.69, down from CNY 211,918,855.57 in the previous period[30]. Operational Metrics - The total harvest volume for Q1 2022 was 19,840 tons, down 28% from 27,709 tons in Q1 2021[12]. - The sales volume in Q1 2022 was 18,209 tons, a decrease of 32% compared to 26,613 tons in Q1 2021[13]. - The average selling price of Atlantic Salmon increased to $6.91 per kg in Q1 2022, up from $4.28 per kg in Q1 2021[15]. - The unit cost of Atlantic Salmon rose to $4.17 per kg in Q1 2022, compared to $3.38 per kg in Q1 2021, due to increased operational and feed costs[15]. - The company plans to harvest approximately 91,142 tons for the full year 2022, with an estimated 18,163 tons for Q2 2022[16]. Investment and Income - The company reported a 404.89% increase in non-operating income, primarily due to the cancellation of a subsidiary's liabilities[8]. - Long-term equity investments grew by 197.92% compared to the beginning of the year, attributed to investment income from joint ventures[8]. - The company reported a significant increase in investment income of CNY 1,135,584.70, compared to no income reported in the previous year[23]. Expenses - The company experienced a 37.49% increase in selling expenses, mainly due to higher import disinfection costs[8]. - Total operating costs decreased to CNY 1,220,872,056.57 from CNY 1,359,198,584.10, a reduction of about 10.2%[23]. - The company paid CNY 110,970,512.85 in employee compensation, a decrease from CNY 117,923,400.92 in the previous period[29]. Share Issuance - The company is set to issue A-shares at a price of 14.80 RMB per share, aiming to raise between 515.63 million RMB and 773.45 million RMB for working capital[17].

Financial Performance - In 2021, the company reported a loss due to the impact of the pandemic, rising logistics and raw material costs, and increased operational expenses[5]. - The company recorded a goodwill impairment of CNY 164.02 million in 2021[6]. - The company's operating revenue for 2021 was ¥4,597,218,164.16, representing a 1.60% increase from ¥4,525,007,475.06 in 2020[24]. - The net profit attributable to shareholders was -¥288,681,797.16, an improvement of 59.52% compared to -¥713,233,948.43 in the previous year[24]. - The net cash flow from operating activities increased by 242.96% to ¥303,886,024.78 from ¥88,606,301.90 in 2020[24]. - The total assets at the end of 2021 were ¥11,300,420,797.67, a 2.67% increase from ¥11,006,213,936.23 at the end of 2020[24]. - The net assets attributable to shareholders decreased by 32.02% to ¥631,173,109.33 from ¥928,426,556.57 in 2020[24]. - The company reported a basic earnings per share of -¥1.6572, improving by 66.53% from -¥4.9513 in 2020[24]. - The company achieved a gross profit margin of 6.07% in 2021, a decrease of 10.25% compared to the previous year[100]. - The total operating revenue for 2021 was approximately ¥4.60 billion, representing a year-on-year increase of 1.60% from ¥4.53 billion in 2020[97]. Market Strategy and Expansion - The company plans to strengthen overseas asset operations and aggressively develop the Chinese market in 2022, expecting continuous improvement in operational performance[7]. - The company aims to expand its product matrix by developing value-added products and enhancing brand exposure[5]. - The company is focusing on resource integration and operational efficiency improvements to recover profitability as the salmon industry gradually recovers[5]. - The company aims to enhance public health and nutrition awareness, aligning with the national "Healthy China" strategy[36]. - The company plans to expand its market presence in China while consolidating its positions in Europe and Asia-Pacific regions[95]. - The company has established new subsidiaries, including Hainan Fengjia Food Co., Ltd., and Hainan Wozhen Beef Import and Export Trade Co., Ltd., to enhance its operational scope[104]. - The company plans to enhance its market expansion in China through six dimensions: product, brand, supply chain, business collaboration, food material upgrade, and sales channels[155]. - The company is actively forming a research and development team to upgrade food products from raw frozen items to ready-to-eat salmon products[156]. Product Development and Innovation - The company aims to optimize its product structure and develop new products to adapt to market changes and improve profitability[95]. - The company launched the high-nutrition children's food brand "Chuan Xiong Tong Xue" in Q3 2021, which has received positive consumer feedback, indicating a strong market response[68]. - The company has launched the global brand "Southring" and the retail brand "Mama Bear" to target the growing family consumption segment in the global market[92]. - The company is focused on brand building to enhance consumer recognition and trust, which is crucial for future product development and market expansion[51]. - The company has developed a high-end brand, Southring, from its Chilean processing plant to enhance brand premium in China[155]. Supply Chain and Operational Efficiency - The company is committed to enhancing management and operational efficiency amid rising costs and logistical challenges[5]. - The company’s procurement strategy is proactive, closely monitoring raw material price trends and market supply-demand conditions to adjust procurement plans accordingly[63]. - The company’s processing facilities ensure strict quality control and microbiological analysis during the production of value-added salmon products[62]. - The company’s salmon farming model includes a comprehensive supply chain from egg hatching to processing, ensuring high-quality output[69]. - The company has established a comprehensive food safety assurance system, minimizing food safety risks through standardized production and management practices[82]. Industry Trends and Challenges - The global seafood protein industry faces challenges due to supply chain instability and rising operational costs caused by the pandemic[38]. - The demand for high-quality animal protein, particularly seafood, is expected to increase significantly in China due to rising health consciousness among consumers[37]. - The global salmon supply growth is expected to slow, with a projected average annual growth rate of 4% from 2020 to 2024[40]. - The average feed cost in the global salmon industry accounts for 45%-55% of the total production cost, with rising commodity prices putting pressure on these costs[45]. - The company faces risks from raw material price fluctuations and plans to adjust procurement strategies based on market conditions to mitigate impacts on gross margin and net profit[157]. Corporate Governance and Management - The company emphasizes transparency and timely information disclosure to ensure all shareholders have equal access to significant information[172]. - The company has established a performance evaluation system linking executive compensation to company and individual performance[171]. - The company operates independently in terms of business, personnel, assets, and finance, ensuring no reliance on controlling shareholders[174][175]. - The company has a complete and independent supply, production, and sales system, with no shared assets or financial resources with controlling shareholders[174][175]. - The company has a structured approach to corporate governance, with clear roles and responsibilities outlined for its board members and executives[191]. Leadership Changes - The company reported a significant leadership change with the resignation of Chairman and CEO Tang Jie due to personal health reasons on April 29, 2021[180]. - The company appointed Chen Shaopeng as the new Chairman on April 29, 2021, following the resignation of Tang Jie[180]. - The company experienced a turnover in its board, with multiple directors resigning, including HE WEI and Ji Lin on June 11, 2021, due to work adjustments and personal reasons respectively[180]. - The company has elected new directors, including Zhou Qingtong and Wu Xuanli, on June 11, 2021, to fill the vacancies left by resignations[180]. - The company’s management changes are expected to bring fresh perspectives and strategies to navigate the competitive landscape[180].

Financial Performance - The company's revenue for Q3 2021 was CNY 1,149,854,631.96, a decrease of 10.91% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 30,419,969.39, an increase of 115.59% year-on-year, while the net profit for the year-to-date was a loss of CNY 105,986,145.82, a reduction of 76.70%[3]. - The basic earnings per share for Q3 2021 was CNY 0.1746, up 111.99% year-on-year, while the diluted earnings per share was the same[3]. - The net profit for the reporting period increased by 79.13%, with a reduction in losses amounting to CNY 430 million, attributed to price recovery of main products as the global pandemic situation improved[9]. - In Q3 2021, the company recorded a single-quarter profit of CNY 30.42 million[16]. - Australis Seafoods S.A. turned a profit in the first three quarters of 2021, achieving a net profit of CNY 48.49 million, with Q3 net profit at CNY 87.70 million[17]. - The net profit for Q3 2021 was -113,785,157.52 CNY, compared to -545,087,920.35 CNY in the same period last year, showing an improvement[27]. - The company reported a total profit loss of -173,479,556.23 CNY for the quarter, compared to -712,438,886.08 CNY in Q3 2020[27]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date reached CNY 309,897,669.73, a significant increase of 1,527.45%[3]. - The company experienced a 1527.45% year-on-year increase in net cash flow from operating activities, mainly due to a decrease in cash payments for goods and services[9]. - Cash and cash equivalents at the end of the period were 162,767,104.81 CNY, down from 220,445,583.74 CNY at the end of Q3 2020[32]. - The company's cash and cash equivalents decreased to CNY 153,644,352.31 from CNY 171,290,018.64, a decline of about 10.25%[22]. - The total assets at the end of the reporting period were CNY 11,329,288,008.71, reflecting a growth of 2.94% compared to the end of the previous year[3]. - As of September 30, 2021, the total assets of Jiawo Food Co., Ltd. amounted to CNY 11,329,288,008.71, an increase from CNY 11,006,213,936.23 at the end of 2020, reflecting a growth of approximately 2.93%[21]. - The non-current assets totaled CNY 8,177,801,551.65, up from CNY 7,582,157,826.81, reflecting an increase of about 7.85%[23]. Liabilities and Expenses - The total liabilities increased to CNY 10,057,933,399.61 from CNY 9,609,762,794.89, marking an increase of approximately 4.66%[24]. - The total operating costs decreased to CNY 3,604,231,071.57 from CNY 3,976,749,850.57, representing a reduction of approximately 9.36%[26]. - The company incurred a total operating expense of 3,817,399,690.62 CNY, compared to 4,132,666,168.51 CNY in the previous year[31]. - The company reported a comprehensive loss of -122,896,138.13 CNY for the quarter, compared to -593,749,763.57 CNY in Q3 2020[28]. - Investment activities resulted in a net cash outflow of -346,789,566.44 CNY, an improvement from -444,470,226.65 CNY in the same period last year[31]. Shareholder and Market Activities - The controlling shareholder, Jiawo Group, plans to subscribe for no less than 25% and no more than 45% of the shares issued to specific targets in 2021[18]. - The company received an inquiry letter from the Shenzhen Stock Exchange regarding the issuance of shares to specific targets, and responded with detailed answers[18]. - The company granted 4.18 million restricted stocks at a price of CNY 9.22 per share to 17 incentive targets, as approved on September 7, 2021[20]. - The company is currently progressing steadily with its stock issuance to specific targets, as indicated in the recent announcements[19]. Product and Market Development - The company launched a new high-nutrition children's food brand "Chuan Xiong Tong Xue" targeting the maternal and infant market, with initial products sold on e-commerce platforms[17]. - Australis Seafoods S.A. harvested 60,626 tons WFE and achieved sales of 64,601 tons WFE in the first three quarters of 2021[17]. - The gross margin improved significantly, with Q1 at -8.3%, Q2 at 6.9%, and Q3 at 21.9%[17].

佳沃食品股份有限公司 证券代码：300268 证券简称：佳沃食品 公告编号：2021-091 佳沃食品股份有限公司 关于参加2021年湖南辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步增强与广大投资者的互动交流，佳沃食品股份有限公司（以下简称 "公司"）将参加由中国证券监督管理委员会湖南监管局、湖南省上市公司协会 与深圳市全景网络有限公司联合举办的"2021年湖南辖区上市公司投资者网上 集体接待日"活动，现将有关事项公告如下： 本次投资者网上接待日活动将通过深圳市全景网络有限公司提供的互联网 平台举行，投资者可以登陆"全景·路演天下"网站（http://rs.p5w.net），参与 公司本次投资者网上接待日活动，活动时间为2021年9月24日（星期五）15:00至 17:00。 届时公司董事会秘书和证券事务经理将通过网络在线交流问答互动的形式， 与投资者进行沟通与交流。欢迎广大投资者积极参与。 特此公告。 佳沃食品股份有限公司 董 事 会 2021 年 9 月 22 日 ...

Financial Performance - The company reported a revenue of 1.2 billion CNY for the first half of 2021, representing a year-on-year increase of 15%[15]. - The net profit attributable to shareholders for the same period was 150 million CNY, up 20% compared to the previous year[15]. - The company's operating revenue for the reporting period was ¥2,227,130,012.34, representing a 9.17% increase compared to ¥2,040,025,619.14 in the same period last year[22]. - The net profit attributable to shareholders was -¥136,406,115.21, an improvement of 47.50% from -¥259,808,286.43 year-on-year[22]. - The total revenue for the reporting period reached CNY 2,227,130,012.34, representing a year-on-year growth of 9.17%[44]. - The net profit attributable to shareholders was a loss of CNY 136,406,115.21, which is a significant reduction in loss by CNY 120 million compared to the previous year[44]. - The company reported a significant reduction in losses, with a decrease of RMB 120 million compared to the same period last year, achieving a substantial improvement in operational performance in the first half of 2021[104]. - The net profit for the first half of 2021 was a loss of CNY 161,697,897.90, compared to a loss of CNY 309,194,421.42 in the first half of 2020, indicating an improvement[188]. - The total profit for the first half of 2021 was a loss of CNY 227,342,457.76, which is an improvement from a loss of CNY 405,994,837.96 in the same period of the previous year[188]. Market Expansion and Product Development - User data indicates a growth in active customers by 25%, reaching 2 million users by June 30, 2021[15]. - The company plans to launch three new product lines in Q3 2021, focusing on ready-to-eat seafood products[15]. - Future outlook includes an expected revenue growth of 10-15% for the second half of 2021, driven by market expansion strategies[15]. - Market expansion efforts include entering two new international markets by the end of 2021, targeting a 5% increase in overall market share[15]. - The company launched a new high-nutrition children's food brand "Chuan Xiong Tong Xue," which received positive market feedback[30]. - The company is focusing on the development of new products such as "Salmon Fresh Pine" and "Atlantic Cod" to meet the rising demand for high-quality animal protein[36]. - The company is focusing on the development and sales of 3R (Ready to Cook, Ready to Heat, Ready to Eat) nutritional products to enhance consumer offerings[61]. Research and Development - The company is investing 200 million CNY in R&D for new technologies in aquaculture to enhance production efficiency[15]. - The company has signed long-term agreements with Aquagen for salmon egg procurement, ensuring high growth rates, meat quality, and disease resistance[47]. Operational Efficiency and Quality Control - The company's subsidiary, Australis, achieved a feed conversion rate of 1.25, outperforming the industry average of 1.42 in the Chilean salmon farming sector[35]. - The average cumulative mortality rate for Australis was controlled below 6.1%, compared to the industry average of 15.8%[35]. - The company has established a comprehensive quality control system, achieving compliance with international food safety standards such as BRC and IFS, and has received export recognition from the EU, the US, and Russia[67]. - The company has established a robust biosecurity plan to mitigate risks from bacterial diseases, ensuring stable production quality and quantity[59]. Financial Position and Cash Flow - The net cash flow from operating activities was ¥241,827,853.02, a significant increase of 632.24% compared to -¥45,435,629.72 in the previous year[22]. - The company's cash and cash equivalents increased by 171.53% to ¥125,617,510.81, compared to a decrease of -¥175,624,698.58 in the previous year[70]. - The company reported a net increase in cash and cash equivalents of CNY 125.62 million, contrasting with a decrease of CNY 175.62 million in the same period last year[195]. - The total liabilities to equity ratio increased, with total liabilities at CNY 10,084,506,389.25 and total equity at CNY 1,217,952,633.95, indicating a leverage ratio of approximately 8.3[180]. Risk Management - The company has identified potential risks related to supply chain disruptions and is implementing measures to mitigate these risks[4]. - The company faced risks related to raw material price fluctuations and market competition, implementing strategies to adjust procurement plans and maintain strategic partnerships with suppliers[100]. - The company has implemented strict food safety measures and quality control systems, achieving certifications such as GMP and HACCP to mitigate food safety risks[105]. - The company has established an international management team to address various risks associated with global operations, including macroeconomic developments and environmental factors[106]. Environmental and Regulatory Compliance - The company reported a total of 400 cubic meters of wastewater discharge, adhering to the national water quality standards[117]. - The company has not faced any significant environmental issues or administrative penalties during the reporting period[117]. - The company has established environmental monitoring plans in compliance with local environmental regulations[118]. Shareholder and Corporate Governance - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[5]. - The company has made changes in its board of directors, including the election of new independent directors[111]. - The company held its first temporary shareholders' meeting in 2021 with a participation rate of 50.82%[110]. - The company has initiated a 2021 restricted stock incentive plan, which is currently progressing as planned[114]. Strategic Initiatives - The company aims to leverage the "global resources + Chinese market" strategy to enhance its processing capabilities and brand influence in the animal protein sector[38]. - The company is focused on expanding its market presence and enhancing product offerings in the salmon industry[106].

Financial Performance - The company's revenue for Q1 2021 was ¥1,152,213,847.21, representing a 12.96% increase compared to ¥1,020,052,323.63 in the same period last year[9] - The net profit attributable to shareholders was a loss of ¥156,251,327.86, a decline of 308.06% from a loss of ¥38,291,237.32 in the previous year[9] - The basic earnings per share were -¥0.8970, a decrease of 213.86% compared to -¥0.2858 in the previous year[9] - The company reported a net loss for Q1 2021 of CNY 191,910,810.79, worsening from a net loss of CNY 33,142,036.25 in the same period last year[51] - The company reported a net profit for the period of CNY -13,739,631.04, compared to CNY -29,038,888.88 in the same period last year, indicating an improvement[55] Cash Flow - The net cash flow from operating activities increased significantly to ¥159,799,976.99, up 1,345.15% from ¥11,057,703.46 in the same period last year[9] - Cash received from operating activities related to other business activities increased to ¥386,301,451.73 from ¥6,046,250.56 in the previous period, marking a growth of approximately 6,300%[61] - The cash flow from operating activities indicates a strong recovery and operational efficiency improvement[61] - The net cash flow from operating activities for the current period is ¥45,741,098.65, a significant improvement compared to the previous period's net cash flow of -¥77,429,142.51[61] - The cash inflow from operating activities was significantly higher than cash outflow, resulting in a positive net cash flow[61] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,126,268,242.16, a 1.09% increase from ¥11,006,213,936.23 at the end of the previous year[9] - The total liabilities as of March 31, 2021, were CNY 9,910,675,424.34, an increase of 3.13% compared to CNY 9,609,762,794.89 at the end of 2020[43] - The total owner's equity remained stable at CNY 2,157,775,817.56 as of March 31, 2021[43] - The total current assets amounted to CNY 3,302,694,145.55, a decrease of 3.55% from CNY 3,424,056,109.42 on December 31, 2020[40] - The total non-current assets increased to CNY 7,823,574,096.61 from CNY 7,582,157,826.81, indicating a growth of 3.19%[42] Shareholder Information - The total number of shareholders at the end of the reporting period was 7,674[12] - The largest shareholder, Jiawo Group Co., Ltd., held 46.08% of the shares, with 40,200,000 shares pledged[12] Market and Operational Strategy - The company plans to enhance its salmon business in the Chinese market and maintain a focus on high-end animal protein sectors, leveraging its global resources[20] - The company aims to mitigate risks from raw material price fluctuations and market competition by adjusting procurement strategies and seeking upstream resource acquisition opportunities[21] - The company is actively monitoring market recovery trends and adjusting sales quotas and ratios in different regions to optimize overall sales strategies[24] COVID-19 Impact and Response - The net profit attributable to shareholders was -¥156,251,327.86, a decrease of 308.06% year-on-year, mainly due to the ongoing impact of the COVID-19 pandemic[19] - The company is actively monitoring the impact of the COVID-19 pandemic and has implemented measures to ensure the continuity of production and operations[23] - The company has implemented various measures to ensure smooth business operations and logistics amidst the COVID-19 pandemic, with a focus on maintaining production safety and employee protection[24] - The company anticipates that the recovery of international air and sea transport will gradually lower transportation costs for its salmon business, leading to improved operational performance[19] Quality Control and Safety - The company has established a food safety assurance system that complies with international standards, including GMP, SSOP, HACCP, and BRC, to enhance product quality control[25] - The company has established an emergency system for consumer complaints and quality issues to minimize food safety risks[25] - The company is focused on standardizing production and management processes to ensure high levels of food safety and quality control[25] - The company is committed to purchasing commercial insurance to mitigate risks related to environmental pollution and natural disasters affecting its salmon business[26] Investment and Financing - The total amount of raised funds is 39,993.22 million yuan, with 100% of the funds allocated to supplementing working capital[31] - The net interest income from raised funds amounted to CNY 3,416.81, which will be used to supplement working capital[38] - Cash inflow from financing activities increased to ¥283,000,000.00 from ¥113,000,000.00 in the previous period, representing a growth of approximately 150%[63]

Financial Performance - The company's operating revenue for 2020 was ¥4,525,007,475.06, representing a 32.01% increase compared to ¥3,427,737,434.19 in 2019[19]. - The net profit attributable to shareholders was -¥713,233,948.43 in 2020, a decrease of 464.20% from -¥126,415,213.87 in 2019[19]. - The net cash flow from operating activities decreased by 64.57% to ¥88,606,301.90 in 2020, down from ¥250,082,780.42 in 2019[19]. - The basic earnings per share for 2020 was -¥4.9513, a decline of 424.84% from -¥0.9434 in 2019[19]. - Total assets at the end of 2020 were ¥11,006,213,936.23, a decrease of 5.45% from ¥11,640,343,726.17 at the end of 2019[19]. - The net assets attributable to shareholders increased significantly by 1,164.96% to ¥928,426,556.57 at the end of 2020, compared to ¥73,395,586.36 at the end of 2019[19]. - The company reported a total of ¥4,421,654,674.45 in operating revenue after deducting non-operating income for 2020[20]. - The company experienced a net loss in each quarter of 2020, with the fourth quarter loss reaching -¥258,296,435.51[22]. - Non-recurring losses for 2020 totaled -¥23,252,411.52, compared to a gain of ¥8,642,345.89 in 2019[26]. - The company reported a significant increase in sales expenses by 25.89% to ¥175,264,390.21, primarily due to the full-year consolidation of Australis Seafoods S.A.[88]. - Financial expenses surged by 76.53% to ¥410,931,137.51, attributed to increased financing costs from the acquisition of Australis Seafoods S.A.[88]. Market Conditions - In 2020, the company faced significant challenges due to the COVID-19 pandemic, leading to a substantial fluctuation in overall profit compared to the previous year[5]. - The global salmon market prices have gradually recovered from the historical lows of 2020, indicating that the company has passed its most difficult period[5]. - The company is optimistic about improved operating performance as the global economy recovers and logistics gradually resume[5]. - The company faced challenges due to the COVID-19 pandemic, leading to weakened market demand and a substantial drop in market prices for salmon and other seafood products[42]. - The company is actively monitoring the recovery trends in the salmon market and adjusting sales quotas and strategies accordingly[129]. - The demand for animal protein, particularly seafood, is expected to continue growing despite short-term impacts from the COVID-19 pandemic[112]. - The overall industry outlook remains positive, with expectations of continued demand growth and improved market conditions for compliant operators[112]. Strategic Initiatives - The company plans to strengthen its core breeding assets and sales channels to enhance its core competitiveness amid the complex external environment[5]. - The company has actively adopted strategies to cope with the challenges posed by the pandemic, focusing on industry upgrades[5]. - The company aims to enhance its modern processing capabilities and full industry chain service capacity, focusing on high-quality animal protein products[35]. - The company plans to integrate global resources with Chinese market demand to drive changes in consumption patterns and promote consumption upgrades[35]. - The company is focused on enhancing its core competitiveness by consolidating upstream breeding assets and strengthening sales channels[42]. - The company is committed to modernizing its processing capabilities and enhancing its brand influence to capture opportunities arising from supply-side reforms in the industry[64]. - The company aims to solidify its position as a leading enterprise in the Chinese seafood industry through strategic acquisitions and resource integration[120]. Product Development - The company is actively developing new products and optimizing its product structure to capture growth in the fast-paced ready-to-eat food market[33]. - The company has launched the "Jiawo Fresh" brand in August 2020, targeting end consumers with various salmon and seafood products on e-commerce platforms like JD.com and Tmall[62]. - The company plans to expand its product offerings by developing value-added products, including ready-to-eat options targeting different consumer demographics, such as children and young professionals[122]. Risk Management - The report highlights potential risks in the company's future development and outlines corresponding countermeasures[6]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[20]. - The company recognizes the risks associated with raw material price fluctuations and market competition, implementing proactive procurement strategies to mitigate these risks[126]. - The company faces risks from trade environment changes and exchange rate fluctuations, which may impact its operations and profitability[127]. Corporate Governance - The company has committed to avoiding any business competition with its subsidiaries and ensuring the protection of minority shareholders' rights[144]. - The company has established a management team with an international perspective to navigate risks associated with global operations and market conditions[132]. - The company guarantees that its financial department and accounting system will remain independent, with no shared bank accounts with related parties[146]. - The company has pledged to uphold the rights and obligations of shareholders without seeking improper benefits[146]. Financial Structure - The company completed a stock issuance of 40.2 million shares, fully subscribed by its controlling shareholder, raising funds to supplement working capital and improve its financial structure[63]. - The company reported a total distributable profit of -1,135,893,017.30 yuan for the reporting period, indicating a loss[141]. - The cash dividend amount for the year 2020 was 0.00 yuan, representing 0.00% of the net profit attributable to ordinary shareholders[142]. - Over the past three years, the company has not distributed any profits or capital reserves as dividends[142]. Compliance and Legal Matters - The company has not faced any administrative penalties or criminal charges related to the securities market in the last three years[152]. - The company has ensured compliance with relevant laws and regulations regarding major asset restructuring and insider trading[156]. - The company is involved in a lawsuit against Taoyuan County Xianghui Agricultural Investment Co., with a claim amount of 30 million CNY, currently awaiting trial[177].

Financial Performance - Operating revenue for the reporting period was ¥1,290,656,720.68, representing a year-on-year increase of 6.51%[7] - Net profit attributable to shareholders was -¥195,129,226.49, a decrease of 329.64% compared to the same period last year[7] - Basic earnings per share were -¥1.4562, reflecting a decline of 329.64% compared to the previous year[7] - The company reported a net profit attributable to shareholders of -¥454,937,512.92 for the year-to-date, a decline of 514.03% compared to the same period last year[7] - The net profit for the reporting period decreased by 512.57% year-on-year, mainly due to the impact of the COVID-19 pandemic on operational performance [20] - The net loss for the quarter was CNY 235,893,498.93, compared to a net loss of CNY 52,974,262.78 in the same period last year[41] - The net loss for the period was a loss of ¥78,662,358.48, compared to a loss of ¥38,269,544.04 in the same period last year[54] - The company reported a significant increase in financial expenses, totaling CNY 106,734,338.11, up from CNY 99,230,472.12[40] - Financial expenses surged to ¥258,743,388.75, compared to ¥135,935,924.33 in the previous year, primarily driven by increased interest expenses[49] Assets and Liabilities - Total assets at the end of the reporting period reached ¥11,677,302,461.06, an increase of 0.32% compared to the previous year[7] - The company's current assets decreased to CNY 3,870,327,476.13 from CNY 3,984,236,458.12, reflecting a decline of approximately 2.86%[30][32] - The total liabilities increased to CNY 11,356,081,545.16 from CNY 10,922,416,159.99, representing an increase of about 4.00%[32][34] - The company's total equity decreased to CNY 321,220,915.90 from CNY 717,927,566.18, indicating a significant decline of approximately 55.32%[34] - The total assets increased to CNY 2,955,526,882.21 from CNY 2,830,407,736.05[37] - Total liabilities rose to CNY 2,703,179,926.98 from CNY 2,699,398,422.34[37] - The company's total equity increased to CNY 252,346,955.23 from CNY 131,009,313.71[37] Cash Flow - The net cash flow from operating activities was ¥64,477,524.49, an increase of 253.74% year-on-year[7] - The net cash flow from operating activities increased by 169.99% year-on-year, significantly boosted by the consolidation of Australis Seafoods S.A. [20] - Cash flow from operating activities generated a net inflow of ¥19,041,894.77, a recovery from a net outflow of ¥27,208,073.36 in the previous year[57] - The net cash flow from operating activities for the current period was -10,833,131.03 yuan, an improvement from -231,061,891.25 yuan in the previous period[59] - The total cash inflow from financing activities was ¥1,597,807,217.77, down from ¥7,961,169,028.75 in the previous period[58] - The net cash flow from financing activities was 389,150.18 yuan, a significant decrease from 2,382,453,972.52 yuan in the previous period[61] Shareholder Information - The company had a total of 8,153 common shareholders at the end of the reporting period[11] - The largest shareholder, Jiawo Group Co., Ltd., held 29.90% of the shares, amounting to 40,065,919 shares[11] Impact of COVID-19 - The company anticipates significant uncertainty in its 2020 annual operating performance due to the impact of the COVID-19 pandemic on the salmon market [23] - The company reported a 477.84% year-on-year increase in credit impairment losses, primarily due to the pandemic's effects on its subsidiary [19] Other Financial Metrics - The weighted average return on net assets was -368.55%, a decrease of 342.54% year-on-year[7] - The company reported non-recurring gains and losses totaling ¥6,073,686.26 for the year-to-date[8] - The company's financial expenses increased by 90.34% year-on-year, influenced by the consolidation of Australis Seafoods S.A. and previous major asset restructuring [18] - The company issued 200 million yuan of perpetual bonds in June 2020, leading to a 100% increase in other equity instruments [18] - The company is in the process of issuing shares to specific investors, with approvals received from regulatory bodies [21] - The company adjusted its financial statements to comply with new revenue and leasing standards, impacting the balance sheet[62]